NOTICE TO BIDDERS

Notice is hereby given that sealed proposals will be received by the Board of County

Commissioners of Cuyahoga County (the “County”) in the Board of County Commissioners

Office of Procurement & Diversity, Room 100, County Administration Annex Building, 112

Hamilton Court, Cleveland, Ohio, 44114 until 11:00 AM (local time) Wednesday, April 2,

2008 (“Bid Deadline”) for:

The purchase of the County’s interest in County property known as the former

Ameritrust Complex and Related Parking Facilities (the “Property”) located in Cleveland,

Ohio, consisting of:

● The “Ameritrust Rotunda” at Euclid Avenue and E. 9th Street (Permanent

Parcel # 101-36-052)

● The 29-story Office Building commonly known as the “Ameritrust Tower” at E. 9th Street between Euclid Avenue and Barn Court (Permanent Parcel #s 101-

36-014, 101-36-027, and part of 101-36-015)

● The 13-story Office Building commonly known as the “1010 Building” at the south side of Euclid Avenue, east of E. 9th Street (A portion of Permanent

Parcel # 101-36-015)

● Two adjoining Office Buildings on Huron Road and Prospect Avenue commonly known as the “H & P Buildings” at the northeast corner of the intersection of Huron Road, Prospect Avenue and E. 9th Street (Permanent Parcel #s 101-36-025, 101-36-026, and 101-36-024) (limited to 50% ownership in # 101-36- 026, with an exclusive leasehold interest in the portion of the building located thereon pursuant to a ground lease)

● An 8-story Parking Garage known as the “Ameritrust Garage” at the intersection of Huron Road, Prospect Avenue and E. 9th Street (Permanent Parcel #s 101-36-047 and 101-36-048), and the leasehold interest in property providing access to the Ameritrust Garage from Bolivar Road (Permanent Parcel # 101-36- 049)

● A 2-story Parking Garage known as the “944 Prospect Garage” at the south side of Prospect Avenue, east of E. 9th Street (Permanent Parcel #s 101-36-

045, 101-36-46, and 101-36-050)

The official deadline for the submission of offers to purchase the Property (“bids”) shall be determined by the wall clock located in the Office of Procurement & Diversity, Room 100, County Administration Annex Building, 112 Hamilton Court, Cleveland, Ohio 44114. Late bids will be returned unopened.

Any questions concerning the Property may be directed to Barbara Shergalis, Project Director, Ameritrust Complex, at (216) 263-4604. The Property may be inspected by participating in the scheduled site tour to be conducted by the County on March 12, 2008 at 10:00 AM. Additional inspection may be conducted by appointment only. Participants in site tours shall be required to execute a site access release agreement as a condition to entering the Property, and may be required to wear protective clothing and equipment during the tour. All site inspections shall be at the sole risk of the participants and must be completed before the Bid Deadline.

A Bidders Package is available for a nonrefundable fee of $50.00 (plus overnight delivery charges if requested) payable by check or money order made out to the Cuyahoga County Treasurer. The Bidder’s Package, which includes property information, disclosures, disclaimers, a title commitment, surveys, environmental reports, a Site Access Release, Waiver and Indemnification Agreement, legal descriptions, an Agreement for Purchase of Real Estate

(“Purchase Agreement”), form of deed, and other documents, may be obtained from the Office of Procurement and Diversity located at the County Administration Building Annex, 112 Hamilton Court, Room 100, Cleveland, Ohio 44114, upon payment of the aforementioned fee.

The minimum bid for this Property is $35,000,000. The Property is being offered “AS IS, WHERE IS” and “WITH ALL FAULTS” and the County makes no representations or warranties related to the Property.

Interested parties must submit their bids to the County’s Office of Procurement and Diversity by submitting four (4) signed originals of the Purchase Agreement included in the Bidders Package, along with a deposit of $500,000.00 by certified check, cashiers check or money order drawn on a solvent bank or Savings and Loan Association, payable to the Cuyahoga County Treasurer (the “Offer Deposit”). Such signed Purchase Agreement shall constitute an offer to purchase by the bidder on the terms and conditions set forth therein, which offer is irrevocable for a period of sixty (60) days after the Bid Deadline. Upon acceptance of the offer by the

County, the Offer Deposit received from the successful bidder (the “Buyer”) shall be deposited by the County into an escrow account with Chicago Title Insurance Company at 1360 E. 9th Street, Cleveland, Ohio 44113. An offer shall be deemed to have been accepted by the County at such time, if at all, that the County executes and delivers two (2) copies of the Purchase Agreement to the Buyer.

On or before the Closing Date as outlined in the Purchase Agreement, the Buyer shall deposit the balance of the Purchase Price set forth in the Purchase Agreement into escrow.

The above described parcels and interest therein shall be conveyed by Quit-Claim Deed, subject to all easements, encumbrances, restrictions, liens, rights or claims of parties in possession or of parties not in possession, and parties shown or not shown in the public records, encroachments, overlaps or boundary line disputes, any lien or right to a lien for services, labor, or materials furnished to the Property, imposed by law, and not shown by the public records, or special assessments and special taxes.

The Board of County Commissioners reserves the right to accept or reject any or all bids, and to waive any informality, irregularity or nonmaterial deviation in any bid received.

By order of the Board of County Commissioners of Cuyahoga County.

Jimmy Dimora Timothy F. Hagan Peter Lawson Jones

Adrian Maldonado, Director, Office of Procurement & Diversity

To be published in the Plain Dealer: March 4, 2008, March 11, 2008, March 18, 2008 and March 25, 2008.

This is how I might put it:

Gentlemen,

I have perused your website and determined that you may be interested in an opportunity in Cleveland, Ohio.

Please consider the purchase and redevelopment of the historic corner of early 20th century commerce and industry; the former Cleveland Trust bank headquarters; a suite of five buildings including a 1908 building by George B. Post and a 29 story 1971 tower by Marcel Breuer.

Recently the Board of Cuyahoga County Commissioners purchased the suite of buildings and later put them up for auction (minimum bid $35 million) with notice to Cleveland developers only. They received one bid and have as of yesterday rejected it.

Development in the area includes the $200 million RTA Euclid Corridor transit BRT makeover (to complete in 2009) and $2.4 billion in projects built or under way since 2000 (only 10 minutes away) also on the Euclid Corridor in University Circle. Additionally the Wolstein Group, Zaremba Group and Stark Enterprises plan to invest heavily in downtown development and the Cleveland Cuyahoga County Port plans a move from the confluence of the Cuyahoga and Lake Erie to East 55th opening this lakefront property, which has long sported piles of ore and limestone, for lakefront/riverfront development.

Things are changing in Cleveland and while we are one of the nation’s epicenters of the foreclosure crisis, we also have great properties at affordable prices for redevelopment. Cleveland still has the heirs of the industrial revolution which can be a boon or a boondoggle. Indeed a savvy developer can easily “make a killing” here as stunning buildings are available for a song. Historic tax credits, tax abatements and asbestos remediation funds are all available as well as the undying gratitude of interested parties worldwide who fought throughout the last year to save Marcel Breuer’s only skyscraper.

Consider this opportunity to redevelop a corner which represents a turning point in the wealth accumulation of US history. The vaults in the old rotunda building are still pristine and would offer a unique feature for hotel guests with a permanent exhibit of such famous figures as Mather, Severance and Rockefeller. The lake views from the tower would be ideal residential properties and the adjoining parking facility already produces millions in income to sweeten the deal.

It was heartbreaking that our commissioners wanted to raze the Breuer and offered lame plans for the redevelopment of the historic corner of commerce and industry. It is heartbreaking as well that they had so little foresight to not widen the bidding process. But now we’re back to square one. With MMPI poised to open a Medical Mart in Cleveland and the Cleveland Clinic, University Hospitals and Case Western Reserve University and its surrounding cultural hub all spending and poised to spend billions, now is a great time to get in on the renaissance Cleveland will experience in this decade.

Please let me know if this email has piqued your interest.

Best regards,

Susan Miller

Hard to believe that REALNEO made a cause celebre out of the ugly one - and now it is poised to become part of the Metropolitan Renaissance :)  

http://the9cleveland.com/market.html